The Mosaic of Opportunity?
The March mid month stats are out and sales were down 11.5% versus the same time last year, yet listings were up about 2%.
This means we have slightly better inventory (more homes and condos to look at). However the average selling price for the first two weeks of March was up by almost six per cent year-over-year .
Yesterday, one of my real estate partners sent out a message to his clients suggesting that the next 21 days could provide sellers with the best opportunity to get 5-8% more for their homes if they act quickly. He believes historically low inventory, along with record low rates, and so many Buyers competing for so few homes will provide a short term opportunity for sellers in the early part of spring.Hey that is tomorrow, hard to believe with the snow still falling in parts of Toronto. Traditionally most people wait to put their homes on the market in mid spring/early summer and then the inventory level goes up and the buyers have more choice.
Here is the big But". The Toronto Real Estate Market looks like this.
Mosaic of hot, warm, cool and cold areas and neighbourhoods. If it is green it is good for buyers, if it is red it is good for sellers or anywhere else in between.
So ask yourself a few questions.
Would you consider another adjacent neighbourhood?
Can you adjust the timing for when you have to move?
How about a town house rather than a condo?
There are all types opportunities out there for both sellers and buyers.
Let me help you navigate the Mosaic of the Toronto real estate market.
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